| With the intensification of market competition,SMEs’ suppliers are generally faced with the pressure of operating capital flow.On the one hand,it is difficult to collect accounts receivable,and on the other hand,suppliers are faced with the obstacles of high financing threshold and high financing cost.In order to solve these obstacles effectively and activate the huge industrial chain assets,the supply chain finance provides a new idea.The Supply chain finance breaks out of the limitations of SME supplier financing,makes use of the credit rating advantages of core enterprises in the supply chain and links them with upstream suppliers to provide financial products and related services,which has become an important strategic means to solve the financing problems of enterprises,especially SMEs.Meanwhile,since 2005,the management methods of asset-based securitization have been released,our asset-based securitization market system has become increasingly abundant.Among the diversified bond products,the green asset-based securitization conforms to the booming trend of green finance market and becomes an efficient financing channel for enterprises related to green industry.It is in this context that the green asset-based securitization with the supply chain finance comes into being.In the review of domestic and foreign literature,it is found that supply chain finance and green asset-based securitization have not been developed for a long time and are both in the rising stage,so the theoretical and practical studies are not comprehensive and perfect,and there are only a handful of relevant studies on green asset-based securitization with the supply chain finance.Most studies focus on the theoretical analysis of its feasibility,operation mechanism,advantages and development space,and lack of case analysis.In this regard,this thesis selects Beijing Capital Ecological Environmental Protection Group as the case enterprise,and takes the Special Plan of Green Supply chain Financial Asset Support for 1-24 period of Beijing Capital Shares issued by it as the core enterprise as the research object to analyze the motivation and effect of product issuance.As for the operation of green asset-based securitization with the supply chain finance in the capital market in the future,It makes sense both in theoretical and practical areas.In terms of academical area,on the basis of current research results,it can enrich relevant case studies with specific targets.In terms of practical significance,as the first green supply chain finance asset-backed security in the market,this case is innovative in carrying out green asset-based securitization under the supply chain finance model.The measures taken by some enterprises in practice can provide valuable experience and reference for other enterprises.First of all,this thesis specifies the concepts of supply chain finance and green asset-based securitization,as well as the connotation of green asset-based securitization with the supply chain finance,and introduces the main steps and characteristics of its operation process.In this part,theories such as green finance,financing contract,risk isolation and asset reorganization are also introduced,which is the theoretical basis for the subsequent analysis.Secondly,this thesis introduces the general situation of the pioneering environmental protection enterprises,including brief introduction and enterprise financing,and recommends the relevant contents of this green asset-based securitization from the aspects of program elements,implementation process and motivation.Through the analysis,it is found that Beijing Capital Environmental Protection not only needs to supplement capital,stabilize the supply chain relationship,and seek the space to improve its market position,but also conforms to the development trend of the green bond market to some extent.Then,this thesis analyzes the financial and non-financial benefits of green asset-based securitization under the first environmental supply chain finance model.The financial benefits are analyzed from upstream suppliers and capital environmental protection.It is found that through the green asset-based securitization under the supply chain finance model,the supplier enterprises that are the first to protect the environment can obtain the low cost financing,revitalize the enterprise receivables,accelerate the capital turnover and other benefits.The initiative of core enterprises in environmental protection can reduce the pressure of capital flow,consolidate the supply chain relationship,guarantee the profitability of enterprises,improve the capital structure and operating conditions of enterprises and other benefits.In addition,in terms of non-financial benefits,this thesis found that the project helped enterprise brand building,actively promoted the development of green industry,and also provided new financing ideas for the market,bringing certain environmental and social benefits.After the above analysis,this thesis draws the following conclusions: Beijing Capital Environmental Protection has solved the financing dilemma of upstream smes suppliers,reduced the financial risks of enterprises,and enriched the green asset-based securitization products in the market through green asset-based securitization under the supply chain finance model.At the same time,this thesis finds some optimization space in the process of green assetbased securitization under the supply chain finance mode implemented by the case enterprises,which mainly includes credit enhancement measures,information disclosure and management of the underlying asset pool.Therefore,this thesis gives the following enlightenment: When related enterprises carry out green asset-based securitization under the supply chain finance model,they can adopt multiple credit enhancement measures,establish more perfect information disclosure system to improve the transparency of capital flow,and develop to the "N+N" supply chain finance model to improve the quality of basic assets. |
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